An Alt Doc Mortgage uses alternate forms of documentation to verify a financial status, enabling borrowers who have difficulty documenting their income to get a mortgage. Examples of those who might benefit from alt doc loans are self-employed borrowers who might have a lot more cash flow than taxable income. Those with newer businesses might show losses on previous tax returns and with a full documentation loan the current income would have to be averaged in with the previous losses, reducing the loan amount the borrower could qualify for. Other applicants just have such complicated finances that it is just easier to go with an Alt Doc Mortgage.
A solution for self-employed home buyers or those with complicated finances.Alt Doc Mortgage
Most Alt Doc Mortgages are stated income or no income verification (NIV) loans. Others are stated asset loans or no asset verification (NAV). Borrowers who have a particularly strong application, with a big down payment and great credit, can opt for a NINA loan–no income, no asset verification. There is also a NINJA loan–no income, no job or assets. PrimeCap Lending can help you determine which Alt Doc Mortgage is right for you.
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Programs available to qualified borrowers only. Some Restrictions may apply. Programs subject to change without notice. Contact eLucid for more information.
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